South Raleigh News

Wake County's real estate market showed notable activity in March 2025, with an increase in the median sales price and a rise in transaction numbers as compared to February. The median price for a parcel reached $452,000, which is $5,000 more than the previous month.

March recorded a total of 2,023 real estate transactions across all market segments, surpassing February's tally of 1,684. The very high-value segment, which includes sales exceeding $30 million, saw four transactions, doubling February's count. In the high-value segment for properties valued between $1 million and $30 million, 160 transactions occurred, leading to a total sales figure of $346.6 million, slightly down by $13.3 million compared to the prior month.

Most activity was concentrated in the Core Market, where properties valued at $1 million or less accounted for 1,859 transactions, a significant increase of 335 from February, adding up to $839.0 million in sales, a 22% increase from the previous month. This segment was responsible for 92% of March's transactions.

Real estate lending activity also witnessed a rise, with 2,959 deeds of trust in March, up from 2,416 recorded in February. This represents a growth of 543 transactions, indicating an increased refinancing of mortgage loans.

The statistics obtained are sourced from records filed with the Wake County Register of Deeds. Any change in property rights or security interests is documented with this office, aligning with North Carolina law.

Real estate transaction values include calculations from excise taxes, measured at $1 for every $500 of the transaction's consideration. In March, 30% of deeds had no excise tax, reflecting familial transfers or non-monetary exchanges.

For a comprehensive understanding of the region's real estate market dynamics, additional information such as rezoning applications and new permits can be considered alongside this report. Further details and publications can be found on the Wake County Register of Deeds' website.

"Changes in median sales prices tend to be caused by activity in the core market. The occurrence or non-occurrence of large transactions has virtually no impact on the calculation of median values because there are so few of those transactions," the report noted.

The report was originally distributed on April 8, 2025. Interested parties can subscribe to updates from the Wake County Register of Deeds by joining their email list.

Contact: Tammy Brunner, Register of Deeds, at tammy.brunner@wake.gov or call 919-856-5460 for more information.